The US Department of Commerce revised the countervailing duties levied on Korea’s Hyundai Steel for its shipments of hot-rolled steel to the US made in 2017.

 

In a final ruling published by Commerce on Thursday, the agency noted that the Korean steelmaker had received countervailable subsidies for its hot-rolled steel that was more than the accepted cap (de minimis subsidies) for such products from January 1, 2017, to December 31, 2017.

 

Based on the comments received by the agency between issuing its preliminary results and the final notice, Commerce revised the CVD levied on Hyundai from 0.45pc to 0.51pc. It will further issue instructions to Customs Border Protection (CBP) to assess and liquidate the hot-rolled steel shipments from Hyundai for the period under review. 

 

Commerce had published its preliminary results of the investigation in December 2019 and had called for comments. The final results were to be published by March 2020 but were further postponed due to the COVID-19 pandemic.

 

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